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Kit
Menkin’s Leasing News
www.leasingnews.org Wednesday,
April 17, 2002 Accurate,
fair and unbiased news for the equipment Leasing Industry
Headlines---- Fed
Is Expected to Hold Steady on Rates for Next Few Months
Factory Strength Erases Economic Doubts-Some Say
Housing Starts Decline in March
March 2002 Monthly Report—with predictions
GATX Predicts First Quarter Report Next Week Down
Caterpillar Reported First-Quarter 2002 Earnings –Down
Rutgers, CIT Present 15th Annual New Jersey Journalism Awards
M & C Leasing Alleged Fraud Case Up-Date
Intel Reports Its Earnings Matched Expectations
How Bad is IT in Silicon Valley???---
Berry Drink from Sweden for Leasing Executives
Making Amtrak an Easier Choice ####
Denotes Press Release ----------------------------------------------------------------------------------------- Leasing
News Broken Links If
you did not receive yesterday’s Leasing News for some reason,
it is available at
www.leasingnews.org. We up-date it around
1pm EDT every day. If you want to
see the previous day or any past Leasing News, you may find it in
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are free. No charge for a search or older news story. go
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We have
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the way, if you can’t find it in the archives, go to our website
and look for
“top stories” at the bottom of he days news. It highlights
what we think are
the top stories you may not have read. editor ________________________________________________________________________ Leasing
Association Conferences---Not too late to make a reservation April
22nd, Equipment Leasing Association www.elaonline.com May
1—Association for Government Leasing & Financing www.aglif.com May
2-Joint Eastern Association of Equipment Lessor & United Association
of Equipment Leasing www.eael.org
or www.uael.org May
20th—Mid-American Equipment Lessors www.mael.org _______________________________________________________________ Fed
Is Expected to Hold Steady on Rates for Next Few Months By
RICHARD W. STEVENSON Associated
Press WASHINGTON—
With new statistics today providing further evidence that the economy
is on the mend and that inflation remains under control, the Federal
Reserve now seems likely to hold steady on the interest rates it controls
for the next several months, economists said. Alan
Greenspan, the Fed chairman, is expected to give investors some guidance
about the schedule for any rate increases that may be coming when
he testifies on Wednesday before the Joint Economic Committee of Congress. Many
Fed officials have indicated in recent weeks that they are not in
a rush to raise the central bank's main rate, the federal funds target
rate on overnight loans among banks. It is currently 1.75 percent,
which is a 40- year low. Economic
indicators released today appeared to confirm the officials' view
that they could afford to be patient. The figures show an economy
that is bouncing back from the recession, the first in a decade, without
any sustained inflationary pressure other than a recent surge in oil
prices. Industrial
production in March rose 0.7 percent, its biggest gain in nearly two
years, indicating that the worst may be over for the hard-hit manufacturing
sector. The Consumer Price Index for March rose 0.3 percent, in large
part because of the rise in oil prices; excluding food and energy
costs, the index rose 0.1 percent. Fed
officials now appear all but certain to leave rates unchanged at their
next meeting, on May 7. Investors in the interest rate futures markets
are now betting that the Fed will not start tightening its policy
until this summer, perhaps as soon as the meeting on June 25-26 but
more likely at the session in early August. Mr.
Greenspan faces a choice in coming months, economists said. He can
allow the bond market to begin pushing long-term rates higher in coming
months in anticipation of a tighter policy from the Fed and a more
robust economy, they said. Or he can get out in front of the bond
market by raising the Fed's short-term rates to assure investors that
he will keep inflation in check and try to keep long-term rates from
going so high that the economy stalls again. "Given
that there is no immediate inflation risk, the Fed can afford to lead
the market into higher rates gradually," said Ian Shepherdson,
chief United States economist at High Frequency Economics, a consulting
firm. "We
doubt there will be a rate hike in May," he added, "but
we think the market is right to anticipate action in June." But
Fed officials face a particularly unsettled economic outlook, even
beyond the usual questions associated with a cyclical rebound from
a recession. The road ahead for the Fed could remain full of unexpected
twists and turns even as it makes the transition from a period of
aggressive rate cuts into what economists expect to be one of gradual
rate increases. The
economy could well be subjected to further shocks as the Bush administration
pursues its campaign against terrorism, especially if the United States
tries to topple Saddam Hussein in Iraq. And the recent volatility
in oil prices could slow the recovery. At
home, the ramifications from Enron's collapse are still rippling through
the corporate world. Internationally, the United States faces escalating
trade tensions and the drag from Japan's economic paralysis. At its
January meeting, the Fed even discussed how it would deal with a Japan-style
crisis, in which official interest rates are already near zero but
the economy needs more help from monetary policy. Then
there is the growing speculation that the Fed itself faces a significant
transition. Mr. Greenspan, who has held his post since 1987, turned
76 last month, and although he has given no indication that he intends
to retire anytime soon, there are persistent rumors in Washington
and on Wall Street that he will step aside before his current four-year
term ends in June 2004. Whatever
his own plans, Mr. Greenspan approaches the crossroads in Fed policy
having won generally high marks for his handling of the recession.
He continues to be criticized by some economists who say he raised
rates too high in 2000 and was too slow to start cutting rates when
the economy slowed late that year. But
his aggressive rate cutting — starting early last year, before
the extent of the downturn was clear — delivered a powerful boost
to the economy later in the year. And his willingness to flood the
financial system with money after Sept. 11 to help stabilize Wall
Street and the banking system helped minimize the economic damage
from the terrorist attacks and keep the recession brief and shallow. "I'd
give them an A-minus, and the minus is only because of the inexplicable
delay in acknowledging the slowdown in 2000," said John H. Makin,
an economist at the American Enterprise Institute, a research organization.
"When Greenspan became convinced they were behind the curve,
they got started and moved very quickly in a way that was breathtaking,
compared to other central banks. They made aggressive moves all year,
and they had the right response to 9/11." This
business cycle largely confirmed Mr. Greenspan's judgment on two issues
that will remain important. First, it validated his view that the
improvement in the growth rate of productivity, or business efficiency,
was more than a flash in the plan. Not only did productivity growth
hold up through the downturn, but it accelerated at the end of last
year. Second,
last year's experience has seemed to confirm that monetary policy
has not lost its punch, a criticism voiced by some economists early
in the downturn when the Fed's rate cuts did not seem to be packing
much power. Although it took deeper rate cuts than expected to revive
the economy — no one at the beginning of 2001 predicted that
the federal funds rate would drop 4.75 percentage points over the
course of the year — the Fed's actions did go a long way toward
reviving the economy. A
report this month by Mickey D. Levy, chief economist at Bank of America,
said the business cycle over the last year had disproved "the
tired mantra that monetary policy had lost its power, that this recession
was different and that a long downturn may be in prospect." Mr.
Greenspan did not get everything right. Some economists, for example,
said that he had overemphasized the potential harm to the economy
from the effect of falling stock prices on the willingness of consumers
to spend and that he was slow to pick up on the seriousness of the
downturn in business investment. Not
all economists are ready to credit Mr. Greenspan and the Fed with
rescuing the economy. Some say growth may soon stall again, now that
companies are completing the process of whittling down excess inventories. "All
the good things that happened in the economy after Sept. 11 were either
one-shot deals or are likely to run out over time," said James
K. Galbraith, an economics professor at the Lyndon B. Johnson School
of Public Affairs at the University of Texas in Austin. ------------------------------------------------------------------------------ Sun
Community Bancorp Limited Announces Leasing Services Partnership
Executive Vice President Stephen D. Todd has announced a partnership
agreement with Equipment Leasing Services, LLC (‘ELS’) and
Sun Community Bancorp Limited and our affiliate holding company, Nevada
Community Bancorp Limited. “This partnership serves an important
role,” states Mr. Todd. “We are now able to offer a complete
line of leasing services to our customers as a complement to our business
and the delivery of financial services.”
Initially, the Arizona-based equipment lessor is working with ten
affiliate banks: Arrowhead Community Bank, Camelback Community Bank,
East Valley Community Bank, Mesa Bank, Sunrise Bank of Arizona and
Valley First Community Bank in the Phoenix market, and Black Mountain
Community Bank, Desert Community Bank and Red Rock Community Bank
in Nevada.
Equipment Leasing Services, located in Carefree, Arizona, is a locally
owned firm consisting of a team of professionals with over 40 years
of leasing experience. ELS originates lease transactions nationwide
providing a broad range of sophisticated, collateralized financing
solutions. “Equipment leasing is well-positioned to take advantage
of today’s economic climate," states Scott Powell of ELS.
“Companies today are especially conscious of preserving cash,
which makes leasing a very attractive option relative to purchasing.”
Equipment leasing offers many benefits such as preservation of capital
and credit lines, creates ‘off balance sheet’ financing,
avoids obsolescence and may provide tax advantages and the opportunity
to purchase equipment at lease end. In fact, leasing remains one
of the single most widely used forms of external finance in business
today. Sun
Community Bancorp Limited is publicly traded with NASDAQ stock exchange
under the ticker symbol: SCBL and is a majority owner of 14 community
banks in the Southwest. ------------------------------------------------------------------------------ .
Factory Strength Erases Economic Doubts-Some Say By
John M. Berry Washington
Post Staff Writer Any
lingering doubts that last year's economic slump is over have been
erased by a strong rebound in U.S. factory production in the first
three months of this year and a healthy flow of new orders that points
to further gains ahead. Tuesday
the Federal Reserve reported that manufacturing output rose a solid
0.8 percent last month, the third monthly increase in a row. It was
the largest increase in two years and represented a sharp reversal
of the slide that saw factory production fall 7.6 percent between
June 2000 and last December. So
far factory managers have been able to boost production through large
gains in productivity, the amount of goods and services produced for
each hour worked. The number of workers on manufacturing payrolls
was still falling last month, although the employees still on the
job are working more hours. "There
are clear signs in these data that recovery is underway," said
Ray Stone of Stone & McCarthy, a financial markets research firm.
"The strength in March manufacturing output seems to be driven
by strong gains in high tech industries along with big gains in primary
metals and fabricated metal products. The latter probably reflects
developments in the steel industry after the United States imposed
tariffs on imported steel." Stone
noted that production of computers, semiconductors & communications
equipment continued to show significant increases, rising 1.4 percent
last month after being up 1.9 percent in February and 2.1 percent
in January. Output in the sector rose by more modest amounts in the
last three months of 2001. The
Fed also said that utility output rose 1.6 percent last month while
that of mining fell 1.6 percent, largely because of a reduction in
the number of oil drilling rigs at work. Adding those sectors to manufacturing,
the Fed's overall industrial production index rose 0.7 percent last
month. In
another report out today, the Labor Department said consumer prices
rose 0.3 percent last month, well below the 0.5 percent rise many
analysts had expected because of a surge in world oil prices. The
consumer price index increased 0.2 percent in both January and February. Excluding
volatile food and energy prices, the so-called core portion of the
CPI rose only 0.1 percent last month. It increased 2.4 percent in
the past 12 months. Energy
prices were up 3.8 percent last month, with gasoline prices at the
pump up 8 percent. Analysts said gasoline prices have risen substantially
since the department's price checkers sampled what stations were charging
last month, so that the consumer price index for April is likely to
be affected by oil costs again. But
that impact was partially offset by falling prices in some other parts
of the index. For instance, the costs of lodging away from home fell
1.6 percent, prices for new and used cars fell for the third month
in a row, costs of telephone services declined 1.2 percent and prices
of tobacco products fell 3.5 percent. The cost of computers and peripheral
equipment continued to drop, falling 2.9 percent last month and 28.7
percent in the last 12 months. "These
are good numbers," said Ian Shepherdson, chief U.S. economist
at High Frequency Economics in Valhalla, N.Y. The core inflation rate
is now at 2.4 percent, "its lowest since April 2000. There is
no near-term inflation threat here." In
a third report, the Commerce Department said housing starts fell 7.8
percent last month to an annual rate of 1.646 million units from 1.785
million in February. But even with that dip, which some analysts said
was partly due to weather and therefore likely to be reversed in April,
the average level of starts for the first quarter was an annual rate
of 1.715 million units, the highest for any quarter since the last
three months of 1998. Housing
Starts Decline in March WASHINGTON,
-- Finishing up an exceptionally strong first quarter in which housing
proved to be a significant growth factor for the national economy,
nationwide housing starts retreated 7.8 percent to a healthy seasonally
adjusted annual rate of 1.65 million units in March, the Commerce
Department reported today. The expected slip comes on the heels of
the best month for new- home production in more than three years.
"Today's
report shows housing production is right in line with our forecasts,
and the decline is certainly no cause for alarm in the housing industry,"
said Gary Garczynski, president of the National Association of Home
Builders (NAHB) and a builder/developer from Woodbridge, Va. "Thanks
to extraordinarily good weather and financing conditions early in
the year, single-family housing starts reached their highest level
in more than 20 years this February, at 1.47 million units. That pace
of activity was unsustainable in terms of underlying demographic demand.
In fact, builders would have had a hard time keeping up with such
a pace in view of shortages of available lots for development in an
era of slow-growth or no-growth land use policies in many parts of
the country." March's
decline in housing starts was confined to the single-family sector,
where production slowed 11.4 percent to a rate of 1.3 million units.
Garczynski noted that, while interest rates on long-term mortgages
had been moving up during March, they have since slipped below 7 percent
again and will support demand in the spring home buying season. Multifamily
housing starts rallied in March, rising nearly 9 percent to a seasonally
adjusted annual rate of 343,000 units. The rise in apartment building
was entirely responsible for a 15.5 percent gain in housing starts
registered in the Northeast, while every other region recorded declines
in overall housing production. In the South, the shortfall was almost
13 percent, while in the Midwest it was 7 percent and in the West
it was 6.2 percent. Housing
permits, which can be an indicator of future building activity, also
fell in March, by about 10 percent overall to a 1.6 million-unit rate.
Single-family permits were down 10.2 percent to 1.2 million units,
while multifamily permits were down 8.6 percent to 361,000 units.
"These
are still quite good numbers," Garczynski noted. "For the
year as a whole, we're on pace to produce about 1.64 million new housing
units, up by about 2 percent from last year." NAHB
Chief Economist David Seiders added that recent reports of a "housing
bubble" are far from substantiated. "We just don't see an
impending bust in housing production or house prices -- the demographics
are good, inflation is in check, interest rates are under control
and economic strength is building in the U.S. and abroad. But now
that the housing industry has helped lead the economy to recovery,
we do see a 'passing of the baton' to the manufacturing sector and
others to carry forward the economic recovery and become key engines
of growth. Housing production and sales should settle into healthy
and sustainable patterns as the economic expansion evolves over the
balance of this year." From:
Carl Villella, CLP Onyx
Capital Corp. 8150
Perry Hwy. Suite 211 Pittsburgh,
Pa. 15237 412-366-6100 412-366-9144
fax 412-980-6139
cell –
March 2002 Housing Starts Report ( great economic info )
Starts
fell, as expected in March, to a 1.646 million rate (SAAR), down 7.8%
from February’s weather enhanced rate. Single-family activity
fell 11.4% to a SAAR rate of 1.303 million. Permits, an indicator
of future activity, were down 10% (1.599 million SAAR). Single-family
permits were also down (10.2%). Regionally, all regions fell with
the exception of the Northeast, which was up 15.5%, although Northeastern
permits were off 26%.
Analysis
and outlook: As mentioned by “CBS Marketwatch”
analysts, “the slowdown in housing starts likely reflects a payback
from the warm winter weather, which has allowed builders to start
construction earlier in the year than usual”. However, despite
the decline, starts are up 5% over 2001’s pace. Housing fundamentals
remain strong: mortgage rates, a key determinant, hovered around
7% in March; consumer confidence continues to strengthen; inflation
at the retail level (CPI) is a non event although energy price increases
pushed wholesale prices higher in March; solid appreciation in house
values is encouraging homeowners to continue trading up on their equity
gains; income gains continue to outstrip house price increases keeping
houses affordable; and inventories remain low (about 4 months).
Some problems continue: business investment remains weak; unemployment
is higher and firms will refrain from hiring back employees until
they are convinced “the recovery has legs”. The main concern
(other than political problems in the Mideast and elsewhere) will
be the speed of the recovery – if too rapid, the Fed will have
to aggressively raise rates, and that will slow housing in the 2nd
half. Productivity improvements should help to keep inflation down
however, as the economy strengthens throughout the rest of the year.
The
latest NAHB forecast (March 27), calls for 1.636 million starts this
year, with 1.306 million single-family starts (up about 2% from 2001).
The second quarter may see some pullback due to weather-enhanced starts
in the 1st quarter. The key to stable housing demand is interest
rates, consumer confidence, and the employment picture. Fundamentals
remain solid for the rest of 2002 with the main unknown being unrest
in the Mideast (and impact on energy prices) and continuing progress
on the terrorist front. Longer term, solid demographics point to
good demand for the remainder of the decade, including remodeling.
In fact, remodeling expenditures should surpass spending on new housing
sometime this decade. What’s driving remodeling? Demographics
and the fact that there are 120 million housing units, of which about
30% are over 30 years old. The main unknown with demographics is
future immigration – if September 11th alters immigration
levels measurably, housing will be affected because immigrants (and
minorities) will account for an increasing share of shelter demand
throughout the rest of the decade. One last comment – some
people are suggesting we had a “housing bubble” over the
past several years, and that it will eventually burst. Don’t
believe it – there is no evidence that a significant number of
buyers bought homes solely to flip them a short time later. Today’s
healthy housing market is based on immigration enhanced demographics,
attractive interest rates (lack of inflation thanks to better productivity),
the strong economy, and a number of other factors, and not speculation!!!! #####
#################################################### Pomeroy
Computer Completes Sale of Leasing Division to ILC Pomeroy
Computer Resources announced the closing of the sale of a majority
of the net assets of its wholly owned subsidiary - Technology
Information Financial Services - to Information Leasing, the leasing
division of The Provident Bank of Cincinnati, OH. The terms of the
sale were announced on February 28, 2002. The
Pomeroy Companies provide complete e-commerce infrastructure integration,
broadband and desk-side integration services. The Pomeroy Companies
have clientele across a broad spectrum of industries, governments
and educational organizations. The Pomeroy Companies employ approximately
1,800 individuals, more than half of whom are technical personnel,
and maintain 30 regional facilities in Alabama, Florida, Georgia,
Indiana, Iowa, Kentucky, Minnesota, North Carolina, Ohio, Oklahoma,
Pennsylvania, South Carolina, Tennessee, Texas and West Virginia.
For the year ended January 5, 2002, the Companies reported revenues
of $809 million. ####
########################################################### GATX
Corporation Comments on Expected First Quarter Results --Down
The company
also announced that a slide presentation for fixed income investors
is currently available at www.gatx.com
. The slide presentation contains a general business overview as well
as an update on the company's air portfolio. COMPANY
DESCRIPTION GATX
Corporation (NYSE: GMT) is a specialized finance and leasing company.
It uniquely combines asset knowledge and services, structuring expertise,
creative partnering and risk capital to provide business solutions
to customers and partners worldwide. GATX specializes in railcar and
locomotive leasing, aircraft operating leasing, information technology
leasing, venture finance and diversified finance. #################
################################# Caterpillar
Reported First-Quarter 2002 Earnings --Down Caterpillar
Inc. reported first-quarter 2002 sales and revenues of $4.41 billion
and profit of $80 million or 23 cents per share. Sales
and revenues of $4.41 billion compared with $4.81 billion in the first
quarter of 2001. Sales for the quarter were higher in Asia/Pacific
and Latin America, partially offsetting declines in North America
and Europe, Africa and the Middle East. North American truck and bus
engine sales rebounded substantially from low levels, helping offset
declines in mining, general construction and electric power generation.
Caterpillar’s Financial Products Division continued its strong
performance. Profit
was $80 million or 23 cents per share compared with $162 million or
47 cents per share in the first quarter 2001. Company profit declined
primarily because of lower sales of larger machines and engines and
related manufacturing inefficiencies Chairman's
Quarterly Comments The information
included in the Outlook section is forward looking and involves risks
and uncertainties that could significantly affect expected results.
A discussion of these risks and uncertainties is contained in Form
8-K filed with the Securities & Exchange Commission (SEC) on April
16, 2002. ###
################################ ################### Rutgers
University, CIT Present Fifteenth Annual New Jersey Journalism Awards NEW
BRUNSWICK, N.J. — The Department of Journalism and Media Studies
of Rutgers University and CIT, a Livingston, New Jersey-based global
source for financing and leasing capital, presented the Fifteenth
Annual Journalism Awards for Distinguished Business & Financial
Reporting of New Jersey Issues on Thursday, April 11th . This year
was marked with more entries than ever before, and the quality of
writing made decisions difficult, resulting in a tie for the winner
in the Large Daily category. The awards, for articles published in
2001, went to: David
P. Willis, The Asbury Park Press High-Tech
Wave Puts Charge into Economy Best
Article, Large Daily Publication (60,000 circulation and above) John
Froonjian and Eileen Bennett, The Press of Atlantic City Without
Transportation, Many Lives Go Nowhere Best
Article, Large Daily Publication (60,000 circulation and above) Dan
Goldblatt, Business News New Jersey The
All Seeing Eye Best
Article, Small Daily Publication (under 60,000 circulation) Lauren
Otis, New Jersey Monthly The
Players Best
Article, Non-Daily Publication Anne
L. Malyska, The Item of Millburn & Short Hills DMDA
Future Uncertain Honorable
Mention, Non-Daily Publication This
is the sixth CIT/Rutgers award earned by The Asbury Park Press. The
Press of Atlantic City and New Jersey Monthly are also past winners,
while Business News New Jersey and The Item of Millburn & Short
Hills are both first-time winners. Other past winners have included
The Star-Ledger, The Bridgeton Evening News, The Courier-News, The
Times of Trenton, The Westfield Record, The Sandpaper and Compass
Magazine. A
cash prize of $2,500 was awarded for Best Article in each of the three
categories, and a prize of $500 was awarded for Honorable Mention.
Allan
Sloan, Wall Street Editor for Newsweek Keynotes Ceremony Allan
Sloan, Wall Street Editor at Newsweek, addressed the journalists,
faculty and students gathered at The Rutgers Club on Rutgers University's
New Brunswick campus for the awards ceremony. Sloan, an award-winning
journalist whose 30 years in business writing give him a unique perspective
on the changing business climate throughout the country, provided
guests with humor and insight into the challenges facing today's business
journalists. In
introducing Mr. Sloan, Kelley Gipson, senior vice president, director
of marketing and corporate communications for CIT, highlighted how
the events of 2001 affected the reporting of business issues. "2001
was truly a memorable year for business reporting in this state. We
were faced with the beginnings of a recession, the burst of the dot
com bubble and varying crises of confidence,” Ms. Gipson said.
“Then, on September 11th, when the country faced an unimaginable
terrorist attack, journalists were once again put to the test. The
constant need for information had many, especially the reporters in
New Jersey, working 'round the clock. Facing the situation head on,
business reporters addressed these issues and provided us with the
information we needed to begin to emerge from these harrowing events
a stronger and more informed nation.” Officiating
with Ms. Gipson was Dr. Linda Steiner, chair of the Department of
Journalism and Media Studies of the Rutgers School of Communications,
Information and Library Science. Judges
for the competition were Stephen D. Isaacs, professor and associate
dean, Graduate School of Journalism, Columbia University; Richard
Petrow, professor of Journalism, New York University; and Robert Comstock,
Assistant Director of the Journalism Resources Institute, Rutgers
University. ####
############################################################
M & C Leasing Alleged Fraud Case Up-Date From
John Gallo
Address = 85 River Rock Drive
City = Buffalo
State = New York
Zipcode = 14207
Phone = 1-800-416-9080
Fax = 716-873-1002
Email = john@mcleasing.com
= Kit, I just wanted to update everyone on M & C Leasing Co. fraud
case against Bridge Transport and AKL International in North Carolina.
This has been a long road since 11/01 but the FBI has finally taken
the case and is going to pursue this. I ask all of the other leasing
companies that have any information on either of these companies to
please contact me and hold on to any paperwork as we will need any
and all data to put these people away. Fraud has become a major problem
in lease funding. We need to address this as an industry to eliminate
future problems. Thank you to all of those who responded to our first
alert. Excellent
Monthly Business Leasing News
David
G. Mayer, Esq. “Business Leasing News” A monthly newsletter
with excellent information.
Definitely worth reading. You can also ask to get it mailed directly.
Here is
the link to the latest edition: http://www.pblaw.com/newsletters/bln/Release/bln_2002_04.htm -------------------------------------------------------------------------------------------------- Tonight
at 10pm on TV---Salvation Army work at the WTC site. I
am pleased to inform you of upcoming news special that will feature some
of The Salvation Army's work at the WTC site. Spring
Break 2002 - Students use their Break to join The Salvation Army in helping
NY's Bravest and Finest On
Wednesday, April 17 at 10pm, Dan Rather and CBS News' 48
HOURS take you behind the scenes of Spring Break 2002. As part
of this story,
CBS followed a group of students, who came to New York City this March
and volunteered on the Salvation Army Ground Zero clean-up/rescue operation. Please
tune in for this broadcast. For more information please visit http://www.salvationarmy-newyork.org/insidearmy/48hours.htm Sincerely, Burt
Mason Web
Administrator The
Salvation Army of Greater New York Intel
Reports Its Earnings Matched Expectations By
CHRIS GAITHER SAN
FRANCISCO, - The Intel Corporation, the world's largest chip maker,
continued its slow climb from the bottom of the worst slump in the
industry's downturn today. Its first-quarter earnings matched Wall
Street's estimates, helped by slightly better-than-expected strength
in its vital microprocessor business. The
first of the technology bellwethers to release earnings results this
week, Intel reported a profit of $936 million, or 14 cents a share,
for the first quarter. Profits were up sharply from the 2001 quarter,
when Intel earned 7 cents a share, but much of the improvement was
related to a change to comply with new accounting standards. Excluding
special items related to acquisitions, Intel earned $1 billion, or
15 cents a share, declining by a penny a share from the first quarter
of 2001. The results met Wall Street analysts' expectations, according
to Thomson Financial/First Call. At
$6.8 billion, sales increased over the previous year for the first
time in four quarters, reaffirming claims from chip makers and analysts
that the steep falloff in semiconductor purchases by computer makers
had reversed course. But
Intel's managers remained cautious, attributing the revenue growth
to normal sales patterns rather than the early signs of a major rebound
in the industry's fortunes. ``We
are not seeing a recovery in our business - we're seeing seasonality,'' said
Andy D. Bryant, the chief financial officer. |
